Dormant Ethereum Whale Wakes After 9 Years, Moves $397M ETH to Gemini Exchange

• Nine-year dormant Ethereum wallet moved its entire $397M ETH balance
• Massive Gemini deposits reignite focus on long-inactive crypto whales
• Early ETH accumulation near $90 delivers estimated $385M profit

A long-dormant Ethereum whale resurfaced today, drawing market attention after moving its entire ether balance to Gemini in what appeared to be a deliberate and final exit. Blockchain data shows the wallet, identified as 0xb5a…168d6, sent 85,283 ETH to the exchange in two transactions valued at about $250.5 million at current prices. Earlier in the week, the same address had already transferred 50,000 ETH, bringing total deposits to 135,284 ETH—an amount equal to its full ETH holdings, valued near $397 million.

The wallet had shown no notable outbound activity since 2017 and now holds roughly $70 in altcoins, confirming a complete departure from its long-held Ethereum position. According to Arkham Intelligence, the ETH was accumulated years ago through Bitfinex purchases near $90 per coin, resulting in an estimated profit of roughly $385 million. While the size and structure of the transfers suggest more than routine wallet maintenance, no public statement has emerged to clarify the owner’s next steps.

Also Read: 60% of Top US Banks Quietly Move Into Bitcoin as Wall Street Warms Up

Dormant whale activity returns to the spotlight

This Ethereum movement reflects a growing pattern involving long-inactive whale wallets, highlighted by recent large transfers such as a Bitcoin address that had been dormant for 13 years moving 909 BTC worth about $84 million last week. Such reactivations attract attention because dormant supply returns to active markets and often coincide with higher trading volume, prompting traders to monitor exchange inflows more closely.

According to market data, ether traded near $2,937 following the Gemini deposits, gaining 2.45%, while Bitcoin rose 1.46% to $88,676 over the same period. Additionally, Gemini has recorded several high-value crypto deposits in recent sessions, signaling renewed engagement from early holders even though such inflows do not always lead to immediate selling.

From a broader perspective, the event highlighted the scale of early Ethereum accumulation, with long-term holders controlling positions worth hundreds of millions and shaping market sentiment without altering core fundamentals.

Also Read: Bitcoin Nears $90K as Altcoins Surge and Mid Caps Explode in Sudden Rally

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